imana wants to buy a two bedroomapartment in Rockycrest forN$680000. he is expected to pay 9%deposit and can secure a bond fromhis bank repayable over 22 years at11% p.a interest . total amount ofmoney expected to be paid to thebank over the years

To calculate the total amount of money Imana will pay to the bank over 22 years, we need to break…

Answered: imana wants to buy a two bedroom…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oliver currently has $2,200 in a savings account paying 4.0% interest. He has a goal of taking a year-long around the world vacation. He has decided to deposit $150 from each paycheck (24 a year) for the next two years. Then he will leave on his vacation and withdraw an amount at the beginning of each month while he is on his cruise. How much will he be able to withdraw each month of his voyage?
Thabo borrows R850 000 from a bank to buy a house. He has to pay the bank back R7 647,67 per month for 20 year Calculate the number of payments he has to make.
The Brown family recently bought a house. The house has a 30 year, $165,000 mortgage with a nominal interest rate of 10 percent. Payments are made at the end of each month. What is the total amount that will be repaid to the bank over the life of the loan?
13) Rachel wants to take a trip to England in 3 years, and she has started a savings account today to pay for the trip. Today (8/1/02) she made an initial deposit of $1,000. Her plan is to add $2,000 to the account one year from now (8/1/03) and another $3,000 to the account two years from now (8/1/04). The account has a nominal interest rate of 7 percent, but the interest is compounded quarterly. How much will Rachel have in the account three years from today (8/1/05)?
Nelson has been working for few years and earnings $42,000 per annum. He would like to save some of his money for his wedding. He has shortlisted his choices to the following fixed deposits: i) Maybank Fixed Deposit (interest rate for 12months: 1.85%, 36months: 1.90%) ii) Public Bank eFixed Deposit (interest rate for 12months: 1.85%, 36months: 1.85%) You are required to calculate his fixed deposits account balance as at 31 December 2023 in both banks and state your recommendation with justification based on the following conditions: a) he deposits $5,000 on 1 January 2021 and hold for three years until 31 December 2023. b) he deposits $2,500 on 1 January 2021 and 1 January 2022. c) he deposits $1,000 on 1 January 2021, $1,500 on 1 January 2022 and $2,500 on 1 January 2023. Note: You are required to calculate the amount in his account after three years based on the above chosen banks latest interest rate
Maheera can get a certificate of deposit (CD) at his bank that will pay 3.5% annually for 10 years. If he places $2442 in this CD, how much will it be worth when it matures? (a) Use the formula. (b) Use the interest tables and interpolation. (c) Use a calculator or spreadsheet for a 5-button solution.
Ayesha wants to deposit 300 per year in a bank for the next 10 years. The bank pays annual interest rate of 8%.
If Xavier borrowed $3400 form a bank at simple interest rate of 4.5% for one year. How much interest will Xavier need to pay after one year
Suppose your parents deposit $4,000 into an account at the end of each year for 11 years. The account earns an annual interest rate of 1.4%. After the final deposit, they move the accumulated savings to a brokerage account and invest in the stock market, where they earn an average annual return of 6.9% for the following 16 years. How much will they have in the account at the end? O a. $131,280 O b. $404,155 O c. $137,311 O d. $296,336 e. $302,138 f. $279,603 g. $496,270 h. $249,511
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imana wants to buy a two bedroom apartment in Rockycrest for N$680000. he is expected to pay 9% deposit and can secure a bond from his bank repayable over 22 years at 11% p.a interest. total amount of money expected to be paid to the bank over the years